Investing.com — While we haven’t had a full week after the holidays yet, there has been plenty of news and market moves for investors to digest. Here are Investing.com’s Stocks of the Week:
Insurance shares, Edison, PCG
The California wildfire had a significant impact, and according to RBC Capital, “is expected to be among the most expensive in history, especially given the number of high-value homes affected.”
“Since the fires are still burning, it is difficult to get a full assessment of the damage, but we think it could produce losses of at least $10-20 billion (could be more depending on the duration of the situation),” the bank added.
The fires resulted in the movement of stocks such as Edison and Pacific Gas and Electric, which fell by -5.8% and -10.5% on Friday. Edison fell more than 10% in Wednesday’s session.
Elsewhere, insurance stocks also fell, with names including Allstate (NYSE: ) and Chubb (NYSE: ) down more than 6% and 4%, respectively.
Mobileye Global (NASDAQ:)
MBLY is down more than 20% this week. The decline followed the company’s presentation at the Consumer Electronics Show (CES).
Investors seem to have reacted to the lack of new updates on commercial progress during the event, contradicting the high expectations set by the company’s previous announcements.
Bloomberg Intelligence analyst Jake Silverman noted that the presentation did not provide updates on new commercial milestones.
Silverman explained, “Mobileye’s CES address had no updates on commercial progress after an eventful day in the capital markets in December, which likely caused the stock to react negatively.
Shares of airline companies
Airline stocks rose on Friday after Delta Air Lines’ latest quarterly earnings report beat consensus expectations. The carrier said it saw an acceleration in demand in the fourth quarter. As of 1:35 PM ET on Friday, shares of Delta Air Lines (NYSE: ) were up about 9.4%.
“As we move into 2025, we expect strong travel demand to continue, and consumers will increasingly seek the premium products and experiences that Delta offers,” said Chief Executive Officer Ed Bastian.
Reacting to the results, other airlines such as United (+4%) and American (+4.3%) also posted solid gains.
Constellation energy (NASDAQ:)
Shares of Constellation Energy rose more than 25% on Friday. The rise followed news that the company would acquire private geothermal company Calpine Corp. in a cash and stock deal valued at approximately $16.4 billion.
Bank of America raised its price target on CEG to $308 from $269 following the announcement.
“We do not anticipate significant regulatory challenges. This transaction would likely require approval from FERC for market power, Department of Justice (Hart-Scott-Rodino Anti-Trust) and PUCs,” the bank said.
“While we do not anticipate this to be a lengthy or challenging process, there could be potential market power issues given the consolidated manufacturing position in PJM. Constellation said it would propose a limited sale of PJM’s assets to alleviate market power concerns.”
Snap
Shares of Snap were up more than 6% at the time of writing on Friday as the Supreme Court considers a potential US ban on social media app TikTok.
TikTok appears before the US Supreme Court today in a last-ditch effort to overturn the ban.
Reuters reported earlier in the day that Supreme Court justices “showed skepticism” about the challenge by TikTok and Chinese parent company ByteDance.
